Dubai’s dynamic property market has long had the world’s attention, and Vakson Group has been part of its journey for more than half a century.
The homegrown company has witnessed the sector’s phenomenal growth and continues to show its credentials as one of the country’s key players.
Newcomers to the UAE may not be hugely familiar with the name amid recent market noise. But the family-run company has made its mark around the city with notable addresses in residential and office hotspots including Dubai Marina and Jumeirah Lakes Towers, Palm Jumeirah, and other communities.
Its projects have created an enviable development legacy as one of the first real estate companies to operate in the emirate of Dubai, but Vakson has also made its presence felt across other aspects of the real estate ecosystem.
The firm has evolved alongside the demands of the market into a multi-vertical group with a strong eye on the future.
At its heart is the Vakil family. Originally from India, Vakil Mohammed Ali and Vakil Gulam Abbas founded the organisation in 1970, during an era when renting rather than property ownership was more commonplace.
“It was - and still is - a family business,” says chief executive director Vakil Ghulam Abbas, citing a “modest start” during the 1970s renting apartments and shops, mainly to expatriates.
“As per the need of the day, we further expanded our activities in brokerage, selling land, and building for nationals,” he continues. And also, as of today, they are very well known for buying/selling land and building in Dubai. This department is solely managed by Vakil Mohammed Ali.
“Slowly, but certainly, we had in-house related activities like repairs and maintenance, construction, furnishing etcetera.”
As the freehold landscape expanded, allowing more residents and investors to become homebuyers, Vakson’s model grew further to embrace changing demands.
The young directors - Hasnain Vakil and Kazim Vakil – highlight trust in the vision of the UAE leadership, which gives Vakson the confidence to move forward, even during tougher economic times.
“From day one, we are a business house of old school thoughts…we believe that slow and steady wins the race,” they say.
Vakil Mohammed Ali, the chairman, explains that “we are always overcautious in our commitment to mitigate any unforeseen circumstances. Therefore, Alhamdulillah, we sail through during unfavourable market conditions”.
Vakson remains a conglomerate with a diversified portfolio of real estate industry activities and services. These range from real estate development and facility management to construction and maintenance, and includes a brokerage arm, valuation, financial investments, trading, and consultancy.
“A natural process, together with market requirements, is the reason for our expansion into different fields of real estate,” Vakil Mohammed Ali explains.
He further adds that from those humble beginnings through a proud heritage stretching over five decades, Vakson’s core values of simplicity, honesty, and integrity have endured to inform every aspect of the business. With that comes reputation, reliability and wisdom that have fuelled enduring associations and loyal customers stretching back 50 years.
Meanwhile, many addresses in Dubai testify to Vakson’s legacy, Hasnain Vakil adds.
Key projects range from Dubai Marina towers, namely Marina Crown, Emirates Crown and Emerald Residence, Icon Towers and O2 Residence in Jumeirah Lakes Towers, to the England Cluster in International City. Plus, four opulent villas on what is now known as Billionaire’s Row on The Palm Jumeirah, and an office building in Sheikh Zayed Road are credited to Vakson.
They typify the unprecedented property boom Dubai is experiencing right now, with record transaction figures emerging monthly. And Vakson looks set to remain very much part of the success story.
Its latest landmark, Riva Residence, sees the company shaping the emerging skyline of Dubai Maritime City, beside a revitalized Mina Rashid district that is fast becoming one of the most desirable new residential zones.
The symbolism is not lost on the company’s owners whose appreciation of traditional values alongside Dubai’s new era of real estate expectations keeps Vakson relevant and agile as international investors continue to focus on this global city.
“We consider RIVA as a continuation of our legacy,” says Vakil Ghulam Abbas. “However, there’s much input by the young family members, Hasnain Vakil (director for sales) and Kazim Vakil (director for sales and project management) in shaping the Freehold Development Department.”
Vakson has certainly witnessed the fluctuations that come with a maturing market during its 54 years, including valuation dips in the real estate market, notably during the financial crash of 2008 and during the Covid pandemic which emerged in 2020.
But a calculated risk approach and a diverse portfolio of properties and services have helped see Vakson endure and continue to prosper.
“We have been through thick and thin,” confirms co-founder Vakil Gulam Abbas, adding: “I don’t know what others think of us, but our slogan was we lead, others follow. It was actually happening during the ’70s and the ‘80s and we intend to build on this promise going forward.”
“Our belief: we do not have competition, because 50-plus years of successful experience in real estate is our strength.”
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
THE CLOWN OF GAZA
Director: Abdulrahman Sabbah
Starring: Alaa Meqdad
Rating: 4/5
Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
If you go
The Flights
Emirates and Etihad fly direct to Johannesburg from Dubai and Abu Dhabi respectively. Economy return tickets cost from Dh2,650, including taxes.
The trip
Worldwide Motorhoming Holidays (worldwidemotorhomingholidays.co.uk) operates fly-drive motorhome holidays in eight destinations, including South Africa. Its 14-day Kruger and the Battlefields itinerary starts from Dh17,500, including campgrounds, excursions, unit hire and flights. Bobo Campers has a range of RVs for hire, including the 4-berth Discoverer 4 from Dh600 per day.
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
PROFILE OF SWVL
Started: April 2017
Founders: Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh
Based: Cairo, Egypt
Sector: transport
Size: 450 employees
Investment: approximately $80 million
Investors include: Dubai’s Beco Capital, US’s Endeavor Catalyst, China’s MSA, Egypt’s Sawari Ventures, Sweden’s Vostok New Ventures, Property Finder CEO Michael Lahyani
Why seagrass matters
- Carbon sink: Seagrass sequesters carbon up to 35X faster than tropical rainforests
- Marine nursery: Crucial habitat for juvenile fish, crustations, and invertebrates
- Biodiversity: Support species like sea turtles, dugongs, and seabirds
- Coastal protection: Reduce erosion and improve water quality
ONCE UPON A TIME IN GAZA
Starring: Nader Abd Alhay, Majd Eid, Ramzi Maqdisi
Directors: Tarzan and Arab Nasser
Rating: 4.5/5
Fourth Arab Economic and Social Development Summit
As he spoke, Mr Aboul Gheit repeatedly referred to the need to tackle issues affecting the welfare of people across the region both in terms of preventing conflict and in pushing development.
Lebanon is scheduled to host the fourth Arab Economic and Social Development Summit in January that will see regional leaders gather to tackle the challenges facing the Middle East. The last such summit was held in 2013. Assistant Secretary-General Hossam Zaki told The National that the Beirut Summit “will be an opportunity for Arab leaders to discuss solely economic and social issues, the conference will not focus on political concerns such as Palestine, Syria or Libya". He added that its slogan will be “the individual is at the heart of development”, adding that it will focus on all elements of human capital.
UAE currency: the story behind the money in your pockets
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Full list of Emmy 2020 nominations
LEAD ACTOR IN A COMEDY SERIES
Anthony Anderson, Black-ish
Don Cheadle, Black Monday
Ted Danson, The Good Place
Michael Douglas, The Kominsky Method
Eugene Levy, Schitt’s Creek
Ramy Youssef, Ramy
LEAD ACTRESS IN A COMEDY SERIES
Christina Applegate, Dead to Me
Rachel Brosnahan, The Marvelous Mrs. Maisel
Linda Cardellini, Dead to Me
Catherine O’Hara, Schitt’s Creek
Issa Rae, Insecure
Tracee Ellis Ross, Black-ish
OUTSTANDING VARIETY/TALK SERIES
The Daily Show with Trevor Noah
Full Frontal with Samantha Bee
Jimmy Kimmel Live
Last Week Tonight with John Oliver
The Late Show with Stephen Colbert
LEAD ACTOR IN A DRAMA SERIES
Jason Bateman, Ozark
Sterling K. Brown, This Is Us
Steve Carell, The Morning Show
Brian Cox, Succession
Billy Porter, Pose
Jeremy Strong, Succession
LEAD ACTRESS IN A DRAMA SERIES
Jennifer Aniston, The Morning Show
Olivia Colman, The Crown
Jodie Comer, Killing Eve
Laura Linney, Ozark
Sandra Oh, Killing Eve
Zendaya, Euphoria
OUTSTANDING REALITY/COMPETITION PROGRAM
The Masked Singer
Nailed It!
RuPaul’s Drag Race
Top Chef
The Voice
LEAD ACTOR IN A LIMITED SERIES/TV MOVIE
Jeremy Irons, Watchmen
Hugh Jackman, Bad Education
Paul Mescal, Normal People
Jeremy Pope, Hollywood
Mark Ruffalo, I Know This Much Is True
LEAD ACTRESS IN A LIMITED SERIES/TV MOVIE
Cate Blanchett, Mrs. America
Shira Haas, Unorthodox
Regina King, Watchmen
Octavia Spencer, Self Made
Kerry Washington, Little Fires Everywhere
OUTSTANDING LIMITED SERIES
Little Fires Everywhere
Mrs. America
Unbelievable
Unorthodox
Watchmen
OUTSTANDING COMEDY SERIES
Curb Your Enthusiasm
Dead to Me
The Good Place
Insecure
The Kominsky Method
The Marvelous Mrs. Maisel
Schitt’s Creek
What We Do In The Shadows
OUTSTANDING DRAMA SERIES
Better Call Saul
The Crown
The Handmaid’s Tale
Killing Eve
The Mandalorian
Ozark
Stranger Things
Succession
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
UAE currency: the story behind the money in your pockets
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
GROUP RESULTS
Group A
Results
Ireland beat UAE by 226 runs
West Indies beat Netherlands by 54 runs
Group B
Results
Zimbabwe tied with Scotland
Nepal beat Hong Kong by five wickets
RESULT
Valencia 3
Kevin Gameiro 21', 51'
Ferran Torres 67'
Atlanta 4
Josip Llicic 3' (P), 43' (P), 71', 82'
List of UAE medal winners
Gold
Faisal Al Ketbi (Open weight and 94kg)
Talib Al Kirbi (69kg)
Omar Al Fadhli (56kg)
Silver
Zayed Al Kaabi (94kg)
Khalfan Belhol (85kg)
Zayed Al Mansoori (62kg)
Mouza Al Shamsi (49kg women)
Bronze
Yahia Mansour Al Hammadi (Open and 94kg)
Saood Al Hammadi (77kg)
Said Al Mazroui (62kg)
Obaid Al Nuaimi (56kg)
Bashayer Al Matrooshi (62kg women)
Reem Abdulkareem (45kg women)
What is the Supreme Petroleum Council?
The Abu Dhabi Supreme Petroleum Council was established in 1988 and is the highest governing body in Abu Dhabi’s oil and gas industry. The council formulates, oversees and executes the emirate’s petroleum-related policies. It also approves the allocation of capital spending across state-owned Adnoc’s upstream, downstream and midstream operations and functions as the company’s board of directors. The SPC’s mandate is also required for auctioning oil and gas concessions in Abu Dhabi and for awarding blocks to international oil companies. The council is chaired by Sheikh Khalifa, the President and Ruler of Abu Dhabi while Sheikh Mohamed bin Zayed, Abu Dhabi’s Crown Prince and Deputy Supreme Commander of the Armed Forces, is the vice chairman.
